Question
Consider the following statement about Scheduled
Banks: I. Any bank which is listed in the 2nd schedule of the Reserve Bank of India Act, 1934 is considered a scheduled bank. II. The Schedule consists of those banks which satisfy various parameters, criteria under clause 42 of this act. III. To qualify as a scheduled bank, the paid-up capital and collected funds of the bank must not be less than Rs. 1 lakh. Which of the above statement is/are not correct?Solution
By definition, any bank which is listed in the 2nd schedule of the Reserve Bank of India Act, 1934 is considered a scheduled bank. The Schedule consists of those banks which satisfy various parameters, criteria under clause 42 of this act. To qualify as a scheduled bank, the paid-up capital and collected funds of the bank must not be less than Rs5 lakh.
Audit program is prepared by:
Which of the following provides the most reliable audit evidence?
Internal audit is conducted to:
A "Qualified Opinion" is expressed by an auditor when:
An auditor finds material misstatements due to fraud but the management refuses to take corrective action. What should be the auditor’s next step?
An auditor identifies a material misstatement due to fraud in financial statements. What should be his immediate course of action?
Working papers are primarily the property of:
As per SA 500, the reliability of audit evidence is increased when it is:
Which of the following constitutes the most reliable audit evidence?
Client has breached debt covenants; lender issued waiver valid for 9 months after balance sheet date. Auditor notes liquidity support from group company...
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